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Western Springs, Illinois Property Taxes

The median property tax rate in Western Springs, IL is 2.25%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Western Springs, the typical annual property tax bill reaches $10,717, exceeding the national median of $2,690. Property taxes in Western Springs are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Western Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Western Springs or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.

Last Updated June 14, 2024

Western Springs, Illinois Property Tax Bill Calculator

$100,000

$1,500,000

$3,000,000

Average Tax Rate

2.25%

Estimate Property Tax Bill

$10,876

$10,627

SAVE WITH OWNWELL

$1,148

Average Western Springs, Illinois Tax Savings

Ownwell’s Western Springs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Western Springs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Western Springs to estimate your property tax bill. This insightful tool not only helps you understand potential tax liabilities but also illustrates how Ownwell can assist in reducing property taxes in Western Springs. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.

Property Tax Rates Across Western Springs, Illinois

Property taxes in Western Springs, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Western Springs is 2.25%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Western Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Western Springs estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Western Springs' effective property tax rate to other areas in Illinois and the national median. For comparison, the 60558 zip code has the highest median property tax rate of 2.25%, while the same zip code also has the lowest median tax rate of 2.25%. Understanding how these cities compare with Western Springs provides valuable insights into the varying tax landscape across Cook County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.

Property Tax Rates Across Western Springs, Illinois

Source: Ownwell

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1.46%

4.93%

8.39%

Average Western Springs Tax Rate

2.25%

Average Cook County Tax Rate

2.01%

Average Illinois Tax Rate

2.35%

Average United States Tax Rate

0.99%

Property Tax Rates Across Western Springs, Illinois

Zip10th Percentile25th PercentileMedian Tax Rate75th Percentile90th Percentile
605582.01%2.15%2.25%2.32%2.39%

Source: Ownwell

Property Tax Assessment Values Across Western Springs, Illinois

Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Western Springs, Illinois. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Cook County Assessor for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Western Springs, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Western Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Western Springs is $483,365, with median tax bills ranging from $8,262 at the 25th percentile to $21,132 at the 90th percentile. The zip code 60558 has both the highest and lowest median tax bill at $10,717.

Property Tax Assessment Values Across Western Springs, Illinois

Source: Ownwell

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$13,140

$631,570

$1,250,000

Average Western Springs Assessed Value

$483,365

Average Cook County Assessed Value

$210,000

Average Illinois Assessed Value

$194,700

Average United States Assessed Value

$244,900

Property Tax Assessment Values Across Western Springs, Illinois

Zip10th Percentile25th PercentileMedian Home Price75th Percentile90th Percentile
60558$319,734$388,770$483,365$670,985$912,276

Source: Ownwell

Property Tax Bills Across Western Springs, Illinois

In Western Springs, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the Cook County Assessor's Office. The assessed value is then multiplied by the local tax rate to determine the total tax bill. Factors such as the property's market value, location, and any applicable exemptions play a crucial role in this calculation. Homeowners in Western Springs face significant tax bills, with the median tax bill reaching $10,717, considerably higher than the national median property tax rate of 0.99%. High property taxes can place a substantial financial burden on homeowners. Ownwell offers expert property tax appeal and exemption services to help homeowners reduce their tax bills. By analyzing property assessments and market conditions, Ownwell identifies opportunities for tax savings and guides homeowners through the appeal process. This can result in significant reductions in property tax bills, providing much-needed relief for homeowners in Western Springs.

Property Tax Bills Across Western Springs, Illinois

Source: Ownwell

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$453

$15,274

$30,094

Average Western Springs Tax Bill

$10,717

Average Cook County Tax Bill

$4,680

Average Illinois Tax Bill

$4,715

Average United States Tax Bill

$2,690

Property Tax Bills Across Western Springs, Illinois

Zip10th Percentile25th PercentileMedian Tax Bill75th Percentile90th Percentile
60558$6,068$8,262$10,717$15,237$21,132

Source: Ownwell

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